Tuscany Villas Apartments, a 274-unit complex next to the Siegen Lane Marketplace, has been sold for $30.2 million.
QVT Mount Auburn Capital LP, a Delaware limited liability company, bought the property at 10732 S. Mall Drive.
The deal closed Dec. 21, said Gregg Cordaro, of Hendricks and Partners, who had the listing for Tuscany Villas.
The sellers were New Hope Investors-Tuscany, a group of local investors that includes John Noland, the former co-owner of All-Star Automotive Group; Hardy Swyers, a developer; and Henry “Chick” Miller, who owns a farm equipment dealership in New Roads.
Cordaro said he listed the complex in July, so the quick sale shows how attractive the property was.
“This was an investment-grade property, so it got a lot of interest from national groups,” he said. “This is one of the biggest apartment sales ever in Baton Rouge.”
To be qualified as investment grade, an apartment complex must be Class A space, Cordaro said.
New Hope Investors bought Tuscany Villas in July 2011 from the original developers, Tuscany Reserve, for $27.5 million.
Tuscany Villas opened in 2008 and features amenities such as crown moldings, attached garages and a washer/dryer in every unit. The complex has an occupancy rate of 97 percent.
Units rent for between $889 a month for a 642-square-foot apartment with one bedroom and one bathroom to $1,699 for a 1,223-square-foot residence with three bedrooms and two bathrooms.
The new owners bought Tuscany Villas as an investment and have no plans to make any significant changes, Cordaro said.
Copyright © 2011, Capital City Press LLC • 7290 Bluebonnet Blvd., Baton Rouge, LA 70810 • All Rights Reserved